Investment process through SCP (Silent Partnership)
SCP (Silent Partnership) is one of the most traditional instruments for making investments, as well as FIP (Private Shares Investment Fund) and FII (Real Estate Investments Fund), but more competitive from a tax point of view.
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Tradicional investment vehicle
SCP (Silent Partnership) is one of the most traditional instruments for making investments, as well as FIP (Private Shares
Investment Fund) and FII (Real Estate Investments Fund), but more competitive from a tax point of view.
| FII – Real Estate Fund | FIP – Private Shares Investment Fund | SCP – Silent Partner Partnership | |
|---|---|---|---|
| Main Objective | Investment in a real estate fund or SPE that will own the property. | investment in SPE that will own the property. | Investment in an SCP that will own the properties. |
| Management | Team of professionals who have knowledge of the subject; | Team of professionals who have knowledge of the subject; | Team of professionals who have knowledge of the subject; |
| Reinvestment | Only the principal + 5% of the profit. There is a mandatory distribution of 95% of the profit obtained every six months. | Possibility of reinvesting principal and profit. There is no mandatory minimum income distribution. Reinvestment must be carried out until the last day of the 2nd month following the divestment. | Possibility of reinvesting principal and profit. However, our policy established in the SCP contract, for this specific launch, is the total distribution of income, principal and profit, for each sale that is made. |
| Withdrawl | None. Only sale of quotas to third parties; | None. Only sale of quotas to third parties; | None. Only sale of quotas to third parties; |
| Investor Taxation PF (individuals) & PJ (Corporations) | Capital Gain: 20% Income General Rule: 20% Exception: PF Exempt, provided that: (i) trading on the stock exchange; (ii) a minimum of 50 quota holders; and (iii) No investor can own more than 10% or of the FII; | Capital Gain: 15% Income: General rule: PJ and PF 15% Exception: There is no exception for local PF / PJ investors. | Capital Gain: Exempt Yield: Exempt General rule: PJ and PF: exempt Exception: There is no exception for local PF / PJ investors. |
| Portfolio Taxation | Operating Revenue: exempt (sale and purchase of real estate and Special Company dividends). Financial Income: Fixed income and variable income investments: 15.00% to 22.50% and exemption in the receipt of income in LCI, LH, CRI and other FII shares (Real Estate instruments). | Operating Revenue: Exempt (that is, dividends from the SPE are exempt, however, the SPE is taxed – an approximate rate of 6.73% on gross operating revenue. Financial Income: Exempt. | Operating Revenue: Exempt (that is, SCP dividends are exempt, however, SCP is taxed – an approximate rate of 6.73% on gross operating revenue. Financial Income: Exempt |
Judicial Auctions
Reason
Performed by determination of a judge of law in the proceedings of a judicial process, so that the amount obtained from the sale of the debtor’s property is reverted to his creditors;
Form
Face-to-face or Electronic. The winning bidder will be the one who places the highest bid above the minimum amount:
- First date: Value of the judicial assessment, which is carried out by an Assessing Justice Officer;
- Second date: Up to 50% below the value of the judicial assessment.
- Bidding & Payment: in cash on bid offered, through judicial deposit.
Possession & Ownership:
It is a natural consequence of the auction and occurs upon judicial determination in the execution records, without the need to bring another action for this purpose. Ipanema will manage all the process.
Ownership: auction letter, which is the formal title to be taken in the real estate registry, in order to transfer the property to the bidder. Ipanema will manage all the process.
SCP (Silent Partnership)
Property Selection Procedure
Through our managers, we select properties based on the following steps:
(I) identification of the real estate opportunities to be auctioned, and which have a substantial discount in relation to the market value, as estimated by our team of consultants;
(II) carrying out a thorough due diligence of the judicial process or the extrajudicial procedure that took the property up for auction, in addition to determining any debts and charges that may be levied on the property, in order to ensure that it is acquired free and clear of debts;
(III) if the legal diligence study is positive, through our internal investment committee, we verify the profitable capacity of each operation, deciding the maximum bid amount for the auction of each property, considering the costs involved, the estimated value market risk, liquidity and investment purpose.